Technical Analysis of Bitcoin and Ethereum: BTC, ETH Slightly Higher as USD Weakens on Monday

After a difficult start to October, cryptocurrency prices saw a small upward movement on Monday. On Sunday, bitcoin briefly fell below $19,000 before rising above it as the U.S. dollar started declining against other G7 currencies. Ethereum was also doing well, shortly hitting the $1,300 mark.

Bitcoin (BTC)

On Monday, the price of cryptocurrencies responded to a declining U.S. dollar by trading slightly higher, including Bitcoin (BTC).

The USD fell after last week’s gain, allowing bitcoin bulls to reappear at the beginning of the month.

Today’s session saw BTC/USD reach an extreme high of $19,312.48 after trading at a floor of $18,970.62 for less than 24 hours.

On the chart, the token slightly advanced above its resistance point at the $19,300 level, which has historically been a volatile location.

BTC currently trades at $19,208.10, indicating that the turbulence has partially returned.

The 14-day relative strength index (RSI) bounced off a crucial floor of 43.00 simultaneously as today’s surge. Prices can approach $20,000 if this increase persists.


Ethereum (ETH) also resisted a red October, which recovered after four bad sessions.

The second-largest cryptocurrency in the world soared to a high of $1,308.90 to start the week after hitting a low of $1,271.15 on Sunday.

ETH/USD moved in the direction of its most recent resistance level of $1,315, which has been in place for the most part since mid-September.

Like bitcoin, ethereum’s 14-day RSI has risen from a support level of 36.60 and now appears to be moving toward 41.50, which acts as resistance.

If this occurs, the token will probably increase towards a greater ceiling of $1,385 before possibly soaring beyond $1,400.

The 10-day (red) moving average appears to have likewise changed direction, which bulls would likely interpret favorably.

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Do you expect a strong rebound in Ethereum during October? Leave your thoughts in the comments below.